The Captive Insurance Companies Association (CICA) has honoured Fiat Lux Risk and Insurance Company with the 2017 CICA Outstanding Captive Award, as well as Karin Landry with the 2017 CICA Distinguished Service Award.
The Outstanding Captive Award is given to a captive insurance company or risk retention group that has either shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, or has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators and colleagues in the captive industry.
Formed in 2012, Fiat Lux Risk started at a single parent captive for the University of California system, which consists of 10 universities, five medical centers, three national laboratories, 280,000 employees and generates approximately 30 billion dollars in annual revenues.
Under the leadership of Courtney Claflin, executive director of captives programmes who came on board in 2015, Fiat Lux has grown substantially.
The captive started with just five lines of coverage for 25 million dollars of premium, and now writes over 25 lines of coverage at 900 million dollars of premium. It now buys reinsurance directly and participates in quota share arrangements with reinsurers.
Claflin attributes part of the success of this programme to educating and collaborating with colleagues on how a captive can be a more efficient way to finance organisational risks.
“It was really helpful to show how money saved or new revenues generated could support the Universities mission of research, teaching, and public service,” said Claflin.
Fiat Lux has either saved premiums or created new annualized revenues of over 25 million dollars annually, with significant additional savings in development.
The CICA Distinguished Service Award is presented to individuals or entities who has made a significant contribution to the captive insurance industry.
Landry is the managing partner of Spring Consulting Group, and a past chair of the Fallon Health Plan and Matthew Greenwald & Associates
Landry said: “Captives are the Legos of the insurance industry; there are a million different ways to piece them together and take them apart, allowing for infinite creativity. After 25 years in the industry, I am still excited to play with them and find the newest innovation to serve our clients.
“I am deeply humbled by this honor from CICA, and I want to thank our dedicated team and incredible clients for supporting me and giving me the opportunity to do the work I love.”
Did you enjoy reading this story? Sign up to our free weekly newsletters and get stories like this sent straight to your inbox.
CICA, Fiat Lux Risk, Karin Landry, North America